Page:United States Statutes at Large Volume 122.djvu/994

 12 2 STA T .97 1 PUBLIC LA W 11 0– 2 34—M A Y 22, 200 8yearc ea s es tob ea p ro du cer o n t h at f ar m, orthee x tent to w h i ch the producer shares in the ris k of producin g a crop changes, before the date the remainder of the direct payment is made, the producer sha l l be responsible for repaying the S ecretary the applicable amount of the ad v ance payment, as determined by the Secretary .SEC.1304 . AV A IL A B ILI TYOF CO UN TE R- CYCLICAL P AY M ENTS FOR PEA- NUTS. ( a )PAYMENTR E QUIR E D . —E xcept as provided in section 1 1 05, for each of the 2 00 8 through 2012 crop years for peanuts, the Secretary shall make counter - cyclical payments to producers on farms for which payment yields and base acres for peanuts are established if the Secretary determines that the effective price for peanuts is less than the target price for peanuts. (b) E F FE C TI V E PRICE.— F or purposes of subsection (a), the effec- tive price for peanuts is e q ual to the sum of the following

(1) T he higher of the following: ( A ) The national average market price for peanuts received by producers during the 12-month marketing year for peanuts, as determined by the Secretary. ( B ) The national average loan rate for a marketing assistance loan for peanuts in effect for the applicable period under this subtitle. (2) The payment rate in effect for peanuts under section 1 3 03 for the purpose of making direct payments. (c) TAR G ET PRICE.—For purposes of subsection (a), the target price for peanuts shall be equal to $49 5 per ton. (d) PAYMENT RATE.—The payment rate used to make counter- cyclical payments for a crop year shall be equal to the difference between— (1) the target price for peanuts and (2) the effective price determined under subsection (b) for peanuts. (e) PAYMENT AM O UNT.— I f counter-cyclical payments are required to be paid for any of the 2008 through 2012 crops of peanuts, the amount of the counter-cyclical payment to be paid to the producers on a farm for that crop year shall be equal to the product of the following: (1) The payment rate specified in subsection (d). (2) The payment acres on the farm. (3) The payment yield for the farm. (f) TIME FOR PAYMENT S .— (1) G ENERA L RULE.—Except as provided in paragraph (2), if the Secretary determines under subsection (a) that counter- cyclical payments are required to be made under this section for a crop of peanuts, beginning O ctober 1, or as soon as practicable after the end of the marketing year, the Secretary shall make the counter-cyclical payments for the crop. (2) AVAILA B ILITY OF P ARTIAL PAYMENTS.— (A) IN GENERAL.—If, before the end of the 12-month marketing year, the Secretary estimates that counter- cyclical payments will be required under this section for a crop year, the Secretary shall give producers on a farm the option to receive partial payments of the counter- cyclical payment pro j ected to be made for the crop. (B) ELECTION.— Deadlin e .7USC8 7 54.

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